Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Russia Boasts Record Oil Production in 2013
9.01.2014 23:07
Russia Boasts Record Oil Production in 2013
Photo Credit: http://www.arb.ca.gov

Russia has increased oil production to a record level in 2013, says a governmental report.

      According to Energy Minister Alexander Novak, oil output totaled 523.2 million tonnes, 4.5 million tonnes more than in 2012.

      The figure is higher than the initial forecast of 505-510 million tonnes, he said at a meeting in the Kremlin.

      Much of the credit for the record production volume goes to tax breaks that encourage development of new fields and hard-to-recover reserves, he added.

      Among Russia’s major oil companies are LUKOIL, Gazprom Neft, Rosneft, Tatneft, Bashneft, Surgutneftegas, and others. Rosneft has become the world's leading publicly traded oil producer after it took over BP's Russian venture TNK-BP for $55 billion in March 2013. Rosneft has a vast and high-quality reserve base, with total proved hydrocarbon reserves of 22.8 billion barrels of oil equivalent.

      The upbeat statement comes at a time of disturbingly poor performance by the national economy.

      GDP growth dropped to a meager 1.4 percent in 2013. In June 2013, Alexey Ulyukayev replaced Andrey Belousov as Economic Development Minister, but has so far failed to kick-start the economy.

      According to the IMF, Russia’s prospects “have been dampened by a weak external environment, some acceleration of capital outflows and declining equity prices and subdued investment”.

      Industrial output has been flat, and the privatization campaign announced earlier by the Medvedev cabinet has stalled amid a bleak economic outlook and reluctance of state corporations’ management to share their revenues and power with foreign players. 




Author: Mikhail Vesely

Tags: Rosneft Russian oil companies Yukos   

Next Previous


You might also find interesting:








Comment on our site


RSS   twitter      submit



TAGS:
Russian tourism abroad  Perm Territory  Optina Pustin  Russian tourism  Russian Actresses  Russian laws  Russian Cinema  Russia's Central Bank  Matryoshka  La Roux  Russian business  Unique Russia  Book Tickets for Ballet  Murmansk  Mercedes-Benz Fashion Week   Mikhail Khodorkovsky  Russian monarchy  economic crisis  Wooden Architecture  Nenets Cuisine  Russian journalists  Dvortsovy Most  Russian transport  Satellites  Russian ballet dancers  Russian education  Russian scientists  federal military memorial  Pussy Riot  Bashkiria  Russian economy  Russian Patrons of Art  Russian exhibitions  Franz Joseph Land  Exhibitions in Moscow  Russian science  Moscow  St.Petersburg Museums  Mercedes-Benz Fashion Week Russia  Natural Calamities  Mikhail Bulgakov Museum  Igor Butman  Russian visa  Baltic Sea  Stavropol Territory  Forma Festival  Sokolniki Park  St. Petersburg  New Technologies  environment 


Travel Blogs
Top Traveling Sites